Rating Advisory April 13, 2022 | Mumbai

Mrs.Bectors Food Specialities Limited

Update as on April 13, 2022 This rating advisory is provided in relation to the rating of Mrs.Bectors Food Specialities Limited The key rating sensitivity factors for the rating include: Upward factors

• Substantial increase in scale of operations and rise in operating profitability to 13-15%, leading to healthy cash generation of over Rs 200 crore

• Improved market share through geographical and product expansion

• Build-up of cash surplus while maintaining gearing and capital structure

Downward factors

• Sluggish revenue and moderation in operating profitability below 10%

• Weakening of capital structure due to substantially large, debt-funded capex or acquisition

CRISIL Ratings has a policy of keeping its accepted ratings under constant and ongoing monitoring and review. Accordingly, it seeks regular updates from companies on business and financial performance. CRISIL Ratings is yet to receive adequate information from Mrs.Bectors Food Specialities Limited (MBFSL) to enable it to undertake a rating review. CRISIL Ratings is taking all possible efforts to get the rated entity to cooperate with its rating process for enabling it to carry out the rating review. CRISIL Ratings views information availability risk as a key factor in its assessment of credit risk. (Please refer to CRISIL Ratings’ criteria available at the following link, https://www.crisil.com/content/dam/crisil/criteria_methodology/basics-of-ratings/assessing-information-adequacy-risk.pdf) If MBFSL continues to delay the provisioning of information required by CRISIL Ratings to undertake a rating review then, in accordance with circulars SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dt Nov 1, 2016, SEBI/HO/MIRSD/ MIRSD4/ CIR/ P/ 2017/ 71 dt June 30, 2017 and SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dt January 3, 2020 issued by Securities and Exchange Board of India, CRISIL Ratings will carry out the review based on best available information and issue a press release. About the Company Ms Rajni Bector set up MBFSL as a joint venture (JV) with Quaker Oats, the USA (now a subsidiary of PepsiCo Inc) to supply packaged ketchup to McDonald's, in addition to buns, batter, and bread. Quaker Oats withdrew from the JV in 1999. In fiscal 2014, the company underwent a business reorganisation and demerged its food supplements (sauces, spreads, and namkeen) division. MBFSL operates in three segments: it sells biscuits under the Mrs. Bectors Cremica brand. It also sells buns and other bakery items to KFC, Burger King. It supplies bread and bakery items under its English Oven brand and English Oven brands to modern retail chains (Easy Day, Reliance Retail, Big Bazaar, More, and Spencer's) and distributors. MBFSL is the sole supplier of buns to McDonald's in India.

For the six months through September 2020, the company reported an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs 79.6 crore (Rs 40.6 crore for the same period previous fiscal) on net sales of Rs 438 crore (Rs 366 crore).

About CRISIL Ratings Limited (a subsidiary of CRISIL Limited) CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/ partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs). CRISIL Ratings Limited (‘CRISIL Ratings’) is a wholly owned subsidiary of CRISIL Limited (‘CRISIL’). CRISIL Ratings is registered in India as a credit rating agency with the Securities and Exchange Board of India (‘SEBI’). For more information, visit www.crisilratings.com About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. CRISIL is majority owned by S&P Global, Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. For more information, visit www.crisil.com Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

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Rating RationaleFebruary 01, 2021 | Mumbai

Mrs.Bectors Food Specialities LimitedRatings upgraded to 'CRISIL AA- / CRISIL A1+ '; outlook revised to 'Stable'

Rating Action

Total Bank Loan Facilities Rated Rs.270 Crore

Long Term Rating CRISIL AA-/Stable (Upgraded from 'CRISIL A+ /Positive' and outlook revised to 'Stable')

Short Term Rating CRISIL A1+ (Upgraded from 'CRISIL A1 ')1 crore = 10 millionRefer to Annexure for Details of Instruments & Bank Facilities

Detailed RationaleCRISIL Ratings has upgraded its ratings on the bank facilities of Mrs.Bectors Food Specialities Limited (MBFSL) to ‘CRISILAA-/Stable/CRISIL A1+’ from ‘CRISIL A+/Positive/CRISIL A1’. The upgrade is driven by the sustained improvement in the company’s business and financial risk profiles. Business riskprofile has benefited from improving geographical diversity, facilitated by strengthening of distribution network and additionof capacities. This, along with recovery in export demand, led to a healthy revenue growth of 19.6%in the first-half of fiscal2021. Strong brand portfolio, recovery in demand, new product launches and expansion in capacities will support continuedgrowth over the medium term. Diversity in the biscuits (estimated to account for 60% of overall revenue in the current fiscal)and bakery segments (35%) will also support growth. Operating profitability is expected to improve in fiscal 2021 on theback of better absorption of fixed costs with improved capacity utilisation, and cost-rationalisation initiatives. Financial risk profile is expected to remain comfortable with fresh equity infusion of Rs 40.5 crore through initial publicoffering and limited dependence on external debt. Annual cash accrual are expected to strengthen in fiscal 2021 andimprove further in the next two fiscals, driven by better scale and profitability. Debt metrics remain healthy, with expectedreturn on capital employed of around 20% in fiscal 2021, which is expected to sustain at similar levels over the mediumterm. Given moderate capital expenditure (capex) over the next three fiscals and healthy cash accrual, reliance on externaldebt is expected to remain low. The ratings reflect MBFSL’s strong market presence with high recall of the Mrs. Bectors Cremica brand of biscuits andEnglish Oven brand of bakery products in North and Northwest India; improving revenue diversity; established relationshipswith large customers, McDonald's, and Mondelez International Inc; and a comfortable financial risk profile because of robustcapital structure and debt protection metrics. These strengths are partially offset by a modest scale of operations in theintensely competitive biscuits industry and susceptibility to volatility in raw material prices and foreign exchange (forex)rates.

Analytical ApproachFor arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of MBFSL and its whollyowned subsidiary, Bakebest Foods Pvt Ltd (Bakebest; rated 'CRISIL A/Stable’), because of their strong operational andfinancial linkages. Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed DescriptionStrengths:

Strong presence of brands in North and Northwest India and improving revenue diversityMBFSL earns 90% of its biscuit revenue from North and Northwest India and is among the top three biscuits manufacturersin most of the states (Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Uttar Pradesh, Uttarakhand, and Delhi

National Capital Region). The company distributes across 23 states in India through a network of 196 super stockists and748 distributors that supply to a wide range of clients through 458,000 retail outlets and 4,422 preferred outlets. Furthermore, the company has been increasing its premium product portfolio and leveraging its presence with focus onhigh-margin biscuits such as cookies, creams and crackers; and reduced dependence on low-margin glucose biscuits.Strong growth in the bakery segment is reflected in its contribution of 35-37% to the overall revenue in fiscal 2021. TheEnglish Oven is among the leading premium bakery brands in India. With addition of new lines and new products (premiumbreads, croissants, buns), the growth is likely to continue over the medium term.

Established relationships with large institutional playersThe company remains a preferred supplier of buns (for the past 15 years) to McDonald’s (Hardcastle Restaurants Pvt Ltd inWest and South, Connaught Plaza Restaurants Pvt Ltd in North and East), Burger King, and KFC (Devyani International PvtLtd). It is also targeting new quick-service restaurants, supported by continued focus on quality. Longstanding relations withlarge institutional customers have resulted in a steady source of revenue over the past few years. MBFSL also supplies toDomino's Pizza and Wendy's. Exports are expected to rebound in fiscal 2021, after a slight decline in previous fiscals due to political instability in certainAfrican countries, mainly driven by improved demand and healthy share of Indian biscuits in the exports market. Thecompany also undertakes job work manufacturing for Mondelez International Inc. Established customer relationships should continue to provide stability to operating income and profitability, given therevenue visibility and cost-plus profitability built into long-term contracts.

Strong financial risk profileFinancial risk profile continues to remain strong, with a healthy expected net-worth in fiscal 2021, low gearing of below 0.4times as on March 31, 2020, and robust debt protection metrics with cash accruals expected to be Rs 90-100 crore in thecurrent fiscal. Interest cover and NCA/TD are expected to improve further from 6.2 times and 51% in fiscal 2020respectively. Gearing has improved on a sustained basis over the last 3 fiscals from 0.5 time in 2018 to an expected 0.27time in fiscal 2021. Going forward gearing is expected to remain in range of 0.2-0.3 time over the medium term. Weaknesses:

Modest, though improving, scale of operations in an intensely competitive biscuit industryMBFSL is a relatively small player in the biscuits industry vis-à-vis other manufacturers, with estimated revenue of about Rs765 crore for fiscal 2020. Although the Cremica brand has an established presence in North and Northwest India, it haslimited presence in other parts of the country. Furthermore, the biscuit industry is intensely competitive, with large players(such as Britannia; rated ‘CRISIL AAA/Stable/CRISIL A1+’) vying for a greater market share. With the entry of ITC,Mondelez, and Unibic, the competition has intensified across product categories.

Susceptibility to changes in raw material prices and forex ratesThe biscuits segment, accounting for nearly two-thirds of the company’s total revenue, is price-sensitive with little productdifferentiation, especially in the low-end biscuits segment. Thus, players have limited ability to pass on increase in inputprices (wheat, sugar, and oil; form 50-60% of total costs) to customers. Operating profitability will likely remain exposed tosharp fluctuations in raw material prices and forex rates. Though the company undertakes forward contracts to hedgeagainst forex risk, it is able to pass on price rise to consumers only with a time lag.

Liquidity: StrongMBFSL has a strong liquidity profile on account of healthy expected cash accruals and robust debt protection metrics. Cashaccruals are expected to improve further in next 2 fiscals and will be adequate for moderate capex and debt repayments.MBFSL has also pre-paid its term loan obligations due till March 2022 in current fiscal. Current ratio stood at a healthy 1.4times as on March 31, 2020. The company also has a cash surplus of Rs 48 crore as on September 30, 2020.

Outlook: StableMBFSL is expected to achieve healthy revenue growth over the medium term on the back of improving business risk profile,established market position, better geographical diversity, and strong customer profile and brands. Financial risk profile islikely to remain comfortable.

Rating Sensitivity factorsUpward factors

Substantial increase in scale of operations and rise in operating profitability to 13-15%, leading to healthy cashgeneration of over Rs 200 croreImproved market share through geographical and product expansionBuild-up of cash surplus while maintaining gearing and capital structure

Downward factors

Sluggish revenue and moderation in operating profitability below 10%Weakening of capital structure due to substantially large, debt-funded capex or acquisition

About the CompanyMs Rajni Bector set up MBFSL as a joint venture (JV) with Quaker Oats, the USA (now a subsidiary of PepsiCo Inc) tosupply packaged ketchup to McDonald's, in addition to buns, batter, and bread. Quaker Oats withdrew from the JV in 1999.In fiscal 2014, the company underwent a business reorganisation and demerged its food supplements (sauces, spreads,and namkeen) division. MBFSL operates in three segments: it sells biscuits under the Mrs. Bectors Cremica brand. It also sells buns and otherbakery items to KFC, Burger King. It supplies bread and bakery items under its English Oven brand and English Ovenbrands to modern retail chains (Easy Day, Reliance Retail, Big Bazaar, More, and Spencer's) and distributors. MBFSL is thesole supplier of buns to McDonald's in India. For the six months through September 2020, the company reported an EBITDA (earnings before interest, taxes,depreciation, and amortisation) of Rs 79.6 crore (Rs 40.6 crore for the same period previous fiscal) on net sales of Rs 438crore (Rs 366 crore).

Key Financial Indicators Units 2020 2019Revenue Rs cr 765 786PAT Rs cr 30 33PAT margin % 4 4.2Adjusted debt/networth Times 0.41 0.48Interest coverage Times 6.17 8.33

Any other information: Not applicable

Note on complexity levels of the rated instrument:CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are availableon www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that theyconsider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)ISIN Name of instrument Date of

AllotmentCouponrate (%)

Maturitydate

Issue Size(Rs. crore)

Complexitylevel

Rating assignedwith Outlook

NA Bank Guarantee NA NA NA 3.5 NA CRISIL A1+NA Letter of Credit** NA NA NA 10 NA CRISIL A1+NA Cash Credit* NA NA NA 35 NA CRISIL AA-/StableNA Overdraft Facility NA NA NA 10 NA CRISIL AA-/StableNA Term Loan NA NA Dec-24 5 NA CRISIL AA-/StableNA Term Loan NA NA Apr-25 43.95 NA CRISIL AA-/StableNA Term Loan NA NA Oct-21 16.41 NA CRISIL AA-/StableNA Term Loan NA NA Oct-21 2.43 NA CRISIL AA-/StableNA Term Loan NA NA Jun-23 7.31 NA CRISIL AA-/StableNA Term Loan NA NA May-26 9.09 NA CRISIL AA-/StableNA Term Loan NA NA Jan-25 9.52 NA CRISIL AA-/StableNA Term Loan NA NA Jan-27 45 NA CRISIL AA-/StableNA Term Loan NA NA Apr-25 12.99 NA CRISIL AA-/StableNA Term Loan NA NA Apr-26 7.21 NA CRISIL AA-/StableNA Term Loan NA NA Dec-27 27 NA CRISIL AA-/Stable

NA Working Capital TermLoan NA NA Dec-22 6.11 NA CRISIL AA-/Stable

NA Short Term BankFacility NA NA NA 10.5 NA CRISIL A1+

NA Proposed Long TermBank Loan Facility NA NA NA 3.98 NA CRISIL AA-/Stable

NA Export Packing Credit NA NA NA 5 NA CRISIL AA-/Stable*Includes Rs 20 crore of sublimit for export credit packing credit.**Includes Rs 10 crore of sublimit for bank guarantee

Annexure – List of entities consolidatedSr. No Subsidiary Companies: Subsidiary/ Joint Venture Extent of consolidation

1 Bakebest Foods Pvt Ltd Subsidiary 100%

Annexure - Rating History for last 3 Years Current 2021 (History) 2020 2019 2018 Start of

2018

Instrument Type OutstandingAmount Rating Date Rating Date Rating Date Rating Date Rating Rating

Fund BasedFacilities LT/ST 256.5

CRISILA1+ /

CRISILAA-/Stable

-- 05-03-20CRISIL

A+/Positive/ CRISIL

A131-12-19

CRISILA+/Positive

/ CRISILA1

29-09-18CRISIL

A+/Positive/ CRISIL

A1

CRISILA+/Stable/ CRISIL

A1

Non-FundBasedFacilities

ST 13.5 CRISILA1+ -- 05-03-20 CRISIL A1 31-12-19 CRISIL A1 29-09-18 CRISIL A1 CRISIL

A1

All amounts are in Rs.Cr.

Annexure - Details of various bank facilities

Current facilities Previous facilities

Facility Amount(Rs.Crore) Rating Facility Amount

(Rs.Crore) Rating

Bank Guarantee 3.5 CRISIL A1+ Bank Guarantee 3.5 CRISIL A1

Cash Credit& 35 CRISILAA-/Stable Cash Credit& 35 CRISIL

A+/Positive

Letter of Credit^ 10 CRISIL A1+ Letter of Credit^ 10 CRISIL A1

Overdraft Facility 10 CRISILAA-/Stable Overdraft Facility 10 CRISIL

A+/PositiveProposed Long Term

Bank Loan Facility 3.98 CRISILAA-/Stable

Proposed Long TermBank Loan Facility 3.98 CRISIL

A+/Positive

Short Term Bank Facility 10.5 CRISIL A1+ Short Term BankFacility 10.5 CRISIL A1

Term Loan 185.91 CRISILAA-/Stable Term Loan 185.91 CRISIL

A+/PositiveWorking Capital Term

Loan 6.11 CRISILAA-/Stable

Working Capital TermLoan 6.11 CRISIL

A+/Positive

Export Packing Credit 5 CRISILAA-/Stable Export Packing Credit 5 CRISIL

A+/PositiveTotal 270 - Total 270 -

& - Includes Rs 20 crore of sublimit for export credit packing credit.^ - Includes Rs 10 crore of sublimit for bank guarantee

Links to related criteriaCRISILs Approach to Financial RatiosCRISILs Bank Loan Ratings - process, scale and default recognitionRating criteria for manufaturing and service sector companiesRating Criteria for Fast Moving Consumer Goods IndustryCRISILs Criteria for ConsolidationCRISILs Criteria for rating short term debt

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CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour andinnovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans,certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetualbonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structureddebt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also institutedseveral innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments andinfrastructure investment trusts (InvITs). CRISIL Ratings Limited ("CRISIL Ratings") is a wholly-owned subsidiary of CRISIL Limited ("CRISIL"). CRISIL Ratings Limited isregistered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI"). For more information, visit www.crisil.com/ratings

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